Explain the four major orientations to the approach and practice ...

[Mr3Hunna]

Explain the four major orientations to the approach and practice of retailing.

Question 2

Manufacturers usually listen to a retailer's statements about the introduction of new products because retailers are often more knowledgeable about how their consumers will react. Manufacturers understand that retailers possess what type of power in this example?
 a. Legitimate
  b. Expertise
  c. Knowledge-based
  d. Reward
  e. Referent

[triiciiaa]

Answer to Question 1

The four major orientations to the approach practice of retailing are: (1) environmental, (2) management planning, (3) profit, and (4) decision making.
An environmental orientation will allow retailers to anticipate and adapt continuously to external forces in the environment. With social, legal, technological, economic, and other external forces always in flux, the modern retailer would find it necessary both to assess these changes from an analytical perspective and to respond with creative actions.
A planning orientation will help retailers to adapt systematically to a changing environment. A retailer that wants to have the competitive edge must plan today for the future.
Since all retail decisions will have an effect on the firm's financial performance, retailers need a profit orientation. The profit orientation focuses on the fundamental management of assets, revenues, and expenses.
Retailers should have a decision-making orientation that will allow them to focus on the need to collect and analyze data for making intelligent retail decisions. To aid in this process, executives would need a retail information system to help program their operations for desired results.

Answer to Question 2

B